Import tariff value of gold, silver cut

The government, on Thursday, announced reduction in import tariff value of gold and silver to $418 per 10 gram and $699 a kg, respectively, in line with global rates.

The tariff value, the base price at which the customs duty is determined to prevent under-invoicing, stood at $436 per 10 gram for gold and $702 a kg for silver during the last fortnight. The notification in this regard has been issued by the Central Board of Excise and Customs (CBEC), an official statement said here.

The government has raised the import tariff value of brass scrap to $3,933 from $3,860 a tonne. The tariff value of crude palm oil has been raised to $811 from $809 a tonne, while that of RBD palm oil has been retained at $862 a tonne.

Crude palmolein’s tariff value has been reduced to $866 from $883 a tonne and that of RBD palmolein to $869 from $886 a tonne.